Commonwealth of Virginia Selects GE's Corporate Card for Purchasing and Travel Needs; Cost Savings and Controllership Key Goals of New Statewide Card Program.

RICHMOND, Va. & SALT LAKE CITY -- Following an extensive market evaluation and request for proposal, the Commonwealth of Virginia (COV) is providing MasterCard(R) purchasing and travel cards to employees, agencies and other participants in its statewide card program. As of October 2005, Corporate Payment Services (CPS), the commercial card unit of GE Consumer Finance, supports the COV program.

COV will also be implementing vPayment, the CPS electronic settlement tool that provides additional controls and data capture compared to traditional purchasing cards.

Online Program Management and Reporting proved a key factor in COV's decision to select CPS. Other factors include the transaction automation and ease of financial system integration offered by SAM(TM), the CPS reporting system, as well as GE's quality consulting and account management services. MasterCard's merchant acceptance was also critical.

"Our evaluation team weighed multiple card issuer proposals based on technology, product capabilities, customer service, and pricing," said James W. Fisher, Director of Administrative Services, Department of Accounts, Commonwealth of Virginia. "We looked for the optimal fit with our goals of product capabilities and controllership."

"The tools and support we provide to the Commonwealth of Virginia will help them to continue fulfilling the public trust with a high degree of efficiency, financial transparency and continuous improvement," said Jeffery R. Dye, President and CEO of Corporate Payment Services.

About the Commonwealth of Virginia

In the mid-1990s, the Commonwealth of Virginia established several initiatives for enhancing efficiency and effectiveness of State fiscal operations. One such initiative was the employment of a purchasing card program for its agencies, institutions, and political subdivisions. This program provides the ability to make small purchases through the use of a procurement card, thereby reducing the number of vouchers and subsequent payment tools (e.g., check, EDI transmission) required. Approximately 250 state agencies, institutions and political subdivisions have obtained over 13,000 cards for use in the purchase card program. Secondly, the Commonwealth issued a statewide travel charge card program that incorporates the Comptroller's travel policies and procedures. This program provides employees of state agencies and institutions an opportunity to use employee liability travel charge cards for official travel and related expenses. Approximately 8,000 employees at 125 state agencies, institutions and political subdivisions are participating in the travel charge card program.

About Corporate Payment Services

Corporate Payment Services, the commercial card unit of GE Consumer Finance, develops and markets corporate bank cards and e-settlement tools designed for small-, medium-, and large-sized companies and organizations. Cards are issued by GE Capital Financial Inc. For more information, visit www.gebusinessmarketplace.com.

GE Consumer Finance, a unit of General Electric Company, with $150 billion in assets, is a leading provider of credit services to consumers, retailers and auto dealers in 47 countries around the world. GE Consumer Finance, based in Stamford, Conn. (USA), offers a range of financial products, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans and credit insurance. More information can be found online at www.geconsumerfinance.com.

GE (NYSE: GE) is Imagination at Work -- a diversified technology, media, and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing, and security technology to medical imaging, business and consumer financing, media content, and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's web site at www.ge.com.